Former Manchester City financial advisor Stefan Borson has claimed ‘anything is possible,’ including the nuclear option of relegation, after the club were found guilty of breaching Premier League financial rules.The Premier League accused the club of widespread financial cheating over an era of sustained success – with an independent panel hearing concluding in 2024.There has since been a frustrating wait for a verdict but Daily Mail Sport sources have disclosed that clubs have been informed that the panel has now reached a decision – and there is a belief it’s a win for the top flight.City are understood to have been found guilty on all but one of their 115 rule-break charges concerning the Premier League’s financial regulations.Borson, who advised Man City between 2002 and 2007, was asked by talkSPORT whether the nuclear option of relegation from the Premier League was on the table as a possible punishment following the decision.’Anything is possible and all hell is now going to break loose, as this is going to go on for weeks and weeks and weeks,’ Borson said. Manchester City have been found guilty of the vast majority of their 115 Premier League rule-break charges Former Man City financial advisor Stefan Borson believes ‘anything is possible’ regarding the club’s potentinal punishments and that an appeal is ‘hihgly unlikely to succeed’ The verdict could lead to a variety of punishments including huge points deductions, financial penalties, and even relegation’It is going to be very hard for City to say anything or to contain the fallout from this scenario and that is without being able to see what is in this decision.’We will almost certainly soon see the decision of the independent commission laid out in great detail, it will give people huge ammunition to attack those individuals and the club.’Then we will go into the process, which will be behind closed doors, around the sanction. ‘Man City have denied everything all the way through, they have gone through a process that may have cost more than £100m between the two parties and they have been found to have breached everything.’They are in very, very serious trouble.’An appeal from Man City is considered inevitable with the club having always strongly denied wrongdoing, since they were charged in February 2023 by the Premier League.A Manchester City spokesperson said: ‘The Premier League process remains ongoing, with significant elements to be completed, and subject to strict confidentiality. As such Manchester City FC’s position remains consistent with the Club’s statement of February 2023.’The Club has diligently respected due process for eight years on the basis that the Premier League Board and Executive would behave as an independent, impartial and fair-minded regulator, free from partisan influence.’Borson claimed an appeal from Man City is ‘highly unlikely to succeed’ and suggested their statement indicated their likely arguments in an attempt to overturn the verdict.’An appeal on the facts is highly unlikely to succeed,’ he said. The club have maintained that they are innocent throughout the process and are expected to appeal’Where we are now with City being found guilty of more or less everything, the decision itself will be scathing in terms of the club’s conduct, the conduct of individuals, the behaviour of individuals and the hearing itself in terms of their credibility. There won’t be any hiding place when that decision is published.’To then have to present that to an appeal that does not have the benefit of listening to the whole case all over again, in terms of witness evidence, seeing all the documentation again, it is going to be extremely difficult for City to overturn those factual findings.‘City have hinted in the last paragraph of their statement, I think their suggestion is that the process and panel itself was in some way partial and biased and that they will in some way challenge the length of time it has taken for the decision to come out.’All of those sorts of arguments, be it bias or something procedural, all of them are very unlikely to succeed. Overturning factual findings I would say is very, very unlikely.’Ultimately now I think City will have to take their punishment and it will be severe.’The Premier League accused Man City of multiple breaches of financial rules and of failing to co-operate with a subsequent investigation. The alleged rule breaking was claimed to have taken place over a 14-year period.A three-man panel was tasked with considering the evidence, with the initial expectation a verdict would have been reached on the case within months. It has since taken three-and-a-half years.The original 115 charges were extended to a total of 130 after an administration issue in what is the most expensive and wide-ranging case in English football history. Eight Premier League titles, three FA Cups, six League Cups and one Champions League have all been won by the club in the modern eraCity remained steadfast in maintaining their innocence over more than 115 alleged breaches across eight years, some including the start of the Pep Guardiola era.The club were accused of failing to report accurate financial information for nine seasons stretching from 2009-10 to 2017-18, as well as failing to provide full details of former manager Roberto Mancini’s pay between 2009-10 and 2012-13.They were also alleged to have failed to provide full details of money paid to players between 2010-11 and 2015-16 and failing to co-operate with the probe from 2018 to 2023.Between the years mentioned, Manchester City won eight Premier League titles, a Champions League, four FA Cups, and seven EFL Cups.City vehemently denied any breaches of financial rules but the investigation started in December 2018 after German website Der Spiegel published documents from a Football Leaks cache which had originated from Portuguese hacker Rui Pinto.It alleged that City had overstated sponsorship income with money paid from the club’s owners instead of sponsors linked to Abu Dhabi.Roberto Mancini’s wages were said to have doubled via a secret contract with an Abu Dhabi club when he was at Man City, while they were also alleged to have broken rules over approaching young players.The Mail on Sunday has led the way on reporting the story. In July 2021, they reported on emails that appeared to suggest that Man City had millions funnelled into the club by Abu Dhabi to help inflate their income.Back in February 2020, the club were banned from the Champions League and fined £25million after they were found to have seriously misled European footballing governing body UEFA and broken financial fair play rules.This was then lifted by the Court of Arbitration for Sport which also reduced the club’s fine to £9million.